House prices in November are up 5.5% from a year ago even though prices have edged downward since September, according to a new report by Standard & Poor’s.
The S&P Case-Shiller house price index released Tuesday morning shows prices edged down just 0.1% in November from the prior month.
And prices based on the 20-city HPI are holding steady despite the usual seasonal slowdown.
Overall, 19 of the 20 cities posted annual gains as of November. The only exception is New York, where prices are off 1.2% since November 2011.
Hurricane Sandy hit New York on Oct. 29 and home prices fell 1.1% in November from the prior month, according to Tuesday’s report.
The 20-city Case-Shiller HPI peaked at 146.17 on a non-seasonally adjusted basis in September and it has edged down over the next two months to 145.82 in November.
On a seasonally adjusted basis, house prices rose 0.6% in October and 0.6% in November, according to the Case-Shiller HPI.